GOLD is completing the trading week near the 1883 area. XAU/USD quotes continue to move within the correction and the ascending channel. Moving averages indicate a bullish trend for Gold. Prices are testing the area between the signal lines, which indicates pressure from buyers and a potential continuation of the upward trend. At the moment, we should expect an attempt to develop a price decline and test the support level near the 1835 area. Further, the GOLD price will continue to rise with a potential target above the level of 2115.
GOLD Price Forecast and Analysis November 2 — 6, 2020
An additional signal in favor of a rise in quotations and prices for GOLD in the current trading week November 2 — 6, 2020 will be a test of the rising trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the area of 1715. This will indicate a breakdown of the support level and a continued fall in GOLD prices with a target below 1655. Confirmation of the growth in the value of the asset will be a breakdown of the resistance area and closing of quotes above the level of 1985.
GOLD Price Forecast and Analysis November 2 — 6, 2020 assumes an attempt to test the support level near the 1835 area. Then, the GOLD prices will continue to rise with a target above the level of 2115. A test of the trend line on the relative strength index (RSI) will be in favor of raising the quotes. Cancellation of the GOLD growth option will be a fall and a breakdown of the level of 1715. This will indicate a continued decline in quotations to the area below the level of 1655.
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